Fashion’s coronavirus collapse continues.
Travel, stock markets, economic outlooks — they’re all slipping as governments and businesses try to get a handle on COVID-19.
“There’s obviously a lot of fear,” said Simeon Siegel, managing director and senior retail analyst of BMO Capital Markets. “What we know thus far is that there’s so much we don’t know. The whole world is learning as we go.”
That includes just how long containments, cancellations and work-from-home mandates around the world will last. On a near-term basis, Siegel said, stocks will continue to price in new risks every day.
From top to bottom, fashion is just feeling its way forward. “It’s a day at a time,” said Steven Kolb, president and chief executive officer of the Council of Fashion Designers of America.
“It’s a scenario that no one could have predicted,” he said. “We kind of have to be resilient, we have been through down times before post 9/11 and the 2008 recession. The industry rebounded and I think we have to just be resilient and strong and be creative in how people run their businesses,” Kolb said.
At the moment, it’s a waiting game – a nervous one – as retailers watch traffic fall and try to decide whether to hold on in hope it picks up soon, or they should start slashing prices now.
Tap the link in bio for a full breakdown of the financial impact of coronavirus.